NASA has selected Google’s subsidiary Planetary Ventures to manage the Moffett Federal Airfield and restore the dilapidated Hangar One near its headquarters in Mountain View, California.

On Monday, the space agency said it signed an agreement with Planetary Ventures to lease about 1,000 acres of Moffett Field, which includes three hangars, an airfield flight operations building, two runways, and a private golf course. NASA estimates the deal will save it $6.3 million in maintenance and operations and bring in $1.16 billion in rent over the 60-year lease.

Opened in 1933, the historic Hangar One fell into a state of disrepair and was stripped of its exterior panels in 2012 because of toxic chemicals found in the paint. Last fall, NASA accepted applications from a number of parties, including a proposal for a space-themed accelerator, to lease the airfield and rehabilitate Hangar One. As part of the agreement, Planetary Ventures will invest $200 million into the property, which will also be used to update Hangars Two and Three.

“We look forward to rolling up our sleeves to restore the remarkable landmark Hangar One, which for years has been considered one of the most endangered historic sites in the United States,” David Radcliffe, Google’s vice president of real estate and workplace services, said in a statement.

Google execs have been storing the company’s planes at Moffett Field since 2007, but the search giant broke ground on a new 29-acre facility in San Jose’s airport in February that will provide about 270,000 square feet of hangar space.